Carvana (CVNA) Options Chain

NYSE: CVNAConsumer DiscretionaryRetail-Auto Dealers and Gas StationsUSD

63.73+0.53 (+0.84%)

At close: Oct 9, 4:03 PM ET · Delayed 15 min

Expiration date

Expiration: Jan 21, 2028
Days to expiration: 468
Share price: $63.73
Put/call ratio (OI): 0.67
Put/call ratio (volume): 0.97
ATM implied volatility: 70.5%
Expected move: ±$50.88
Open interest (C / P): 58.30K / 38.92K

CVNA options summary

The CVNA options chain for the January 21, 2028 expiration lists 131 call and 125 put contracts, with 468 days until expiration. Open interest stands at 58,295 calls and 38,919 puts, a put/call ratio of 0.67, which is tilted bullish, with calls outnumbering puts. At-the-money implied volatility near the $64.00 strike is 70.5%, which implies the market expects a move of about ±$50.88 (79.8%) in Carvana stock by expiration.

The most open interest sits at the $72.00 call (7.48K contracts) and the $29.00 put (12.38K contracts).

Summary generated from market data by MetaCap's automated system. Methodology

CVNA options chain · January 21, 2028

CVNA calls and puts by strike price. Shaded cells are in the money.
Calls							Puts
OI	Vol	IV	Last	Bid	Ask	Strike	Bid	Ask	Last	IV	Vol	OI
359	15	83.2%	38.30	38.40	39.65	29.00	2.40	2.58	2.45	67.7%	7	12,376
220	3	81.2%	38.02	37.05	39.20	30.00	2.58	2.92	2.68	67.6%	6	2,805
85	1	139.3%	49.55	43.00	48.00	31.00	2.81	3.10	3.00	67.0%	5	58
3	1	79.9%	47.00	36.25	37.15	32.00	3.00	3.25	3.20	66.0%	1	158
—	—	—	64.00	—	—	33.00	3.25	3.50	3.45	65.6%	1	139
85	70	74.3%	35.25	33.15	36.15	34.00	0.00	0.00	3.80	12.5%	10	0
319	50	78.8%	32.74	34.30	35.15	35.00	3.80	4.10	3.90	65.2%	76	363
—	—	—	42.85	—	—	36.00	0.00	0.00	3.75	12.5%	1	0
30	1	79.1%	37.80	32.95	34.30	37.00	4.10	4.70	4.40	63.7%	1	38
36	11	77.1%	29.30	32.25	33.20	38.00	4.55	5.30	4.16	64.7%	2	398
20	2	125.1%	42.20	39.45	41.50	39.00	4.85	5.30	5.38	63.4%	9	171
89	2	76.3%	31.09	31.10	31.85	40.00	5.25	5.60	5.50	63.2%	20	2,049
28	10	77.5%	30.90	29.85	31.45	42.00	5.95	6.25	6.60	62.6%	3	152
19	14	75.7%	31.13	28.75	29.80	44.00	6.65	6.95	7.05	61.8%	191	389
37	5	77.0%	27.97	28.15	29.95	45.00	7.00	7.35	7.75	61.5%	3	21
35	2	76.1%	24.73	27.55	29.20	46.00	7.40	7.75	7.75	61.3%	1	326
29	5	73.2%	29.97	26.45	27.20	48.00	8.20	9.20	9.05	62.2%	2	119
290	1	75.1%	27.05	25.45	27.20	50.00	9.00	9.45	10.15	60.2%	37	1,238
446	1	72.2%	23.20	24.45	25.10	52.00	9.90	10.30	11.55	59.6%	6	164
91	1	71.6%	27.85	23.45	24.10	54.00	10.85	11.35	11.20	59.4%	1	932
12	1	71.5%	23.10	23.00	23.70	55.00	11.30	12.75	11.90	61.0%	2	648
120	1	67.8%	23.30	20.75	23.30	56.00	11.80	12.65	12.20	59.5%	13	167
0	2	—	31.90	0.00	0.00	58.00	12.85	14.45	14.50	60.7%	18	103
536	2	70.6%	20.95	20.80	21.50	60.00	13.90	14.30	14.10	57.9%	10	1,003
599	10	69.7%	19.50	19.90	20.50	62.00	14.95	15.50	15.25	57.6%	5	223
CVNA $63.73
1,916	1	70.5%	17.20	19.10	20.30	64.00	0.00	0.00	16.10	—	4	0
541	7	70.2%	16.50	18.80	19.75	65.00	16.70	17.05	17.01	56.8%	5	677
5,679	3	69.2%	18.70	18.40	18.95	66.00	17.20	17.70	17.63	56.5%	5	412
6,523	7	69.2%	18.90	17.65	18.40	68.00	18.45	18.85	18.50	56.1%	2	250
3,285	1,062	68.6%	17.48	17.00	17.50	70.00	19.70	20.10	20.00	55.8%	80	1,493
7,478	6	68.4%	17.30	16.30	16.85	72.00	20.80	21.35	20.20	55.1%	2	115
364	12	68.2%	14.00	15.65	16.25	74.00	21.15	22.65	24.52	53.1%	4	1,057
46	5	70.7%	14.30	15.35	17.40	75.00	22.80	23.30	23.40	54.6%	10	387
179	18	67.9%	14.95	15.05	15.60	76.00	23.50	23.95	20.44	54.5%	551	559
94	62	67.6%	14.30	14.45	14.95	78.00	24.80	25.30	27.10	54.0%	5	345
4,545	16	67.3%	14.10	13.80	14.45	80.00	25.55	27.00	27.81	53.1%	2	1,655
136	11	67.1%	12.05	13.30	13.85	82.00	0.00	0.00	24.12	—	5	0
116	2	66.8%	11.40	12.80	13.25	84.00	29.00	29.55	26.70	52.9%	1	117
84	4	65.1%	11.20	11.55	13.05	85.00	29.70	30.30	32.10	52.7%	2	17
106	5	66.9%	11.20	12.30	12.90	86.00	29.80	31.00	31.99	51.3%	5	41
84	4	66.5%	11.00	11.75	12.35	88.00	31.30	32.50	32.90	51.0%	5	110
341	2	66.2%	11.41	11.35	11.75	90.00	33.00	34.45	34.68	51.8%	10	260
111	102	66.2%	10.75	10.90	11.40	92.00	34.95	35.55	35.05	51.4%	5	201
455	25	65.9%	9.90	10.45	10.95	94.00	0.00	0.00	33.05	—	9	0
62	46	65.9%	10.45	10.25	10.75	95.00	36.70	37.90	32.15	52.0%	81	149
27	5	65.4%	10.54	8.95	11.40	96.00	37.05	38.70	33.95	51.8%	74	110
652	11	65.5%	10.16	9.65	10.10	98.00	39.65	40.25	35.60	50.2%	73	84
1,747	9	65.6%	9.60	9.30	9.80	100.00	41.25	41.85	41.37	50.9%	5	107
200	1	65.4%	10.02	8.95	9.40	102.00	38.65	40.30	43.50	36.2%	4	94
288	14	64.9%	14.40	8.45	9.00	104.00	42.50	45.15	43.80	50.3%	8	9
168	27	64.0%	7.15	7.80	8.85	105.00	38.75	40.70	47.31	—	5	81
284	9	64.2%	13.90	7.80	8.70	106.00	41.90	43.00	46.45	29.4%	2	103
131	1	64.9%	8.95	7.95	8.35	108.00	43.40	44.70	49.95	27.1%	77	87
366	1	64.1%	7.70	7.30	8.05	110.00	44.40	46.40	51.50	23.1%	38	52
453	6	64.2%	7.90	7.05	7.80	112.00	46.25	47.75	52.45	—	47	79
192	1	63.4%	6.74	6.05	7.90	114.00	47.85	49.10	54.80	—	8	9
68	1	63.8%	6.64	6.55	7.35	115.00	48.65	50.25	55.60	—	61	63
1,051	1	65.9%	8.27	6.65	8.15	116.00	49.45	50.70	56.40	—	79	99
69	2	64.4%	7.00	6.55	7.00	118.00	56.00	57.25	50.05	48.1%	117	98
535	1	63.4%	6.95	5.90	6.70	120.00	58.20	58.95	51.50	47.4%	10	37
79	10	64.2%	6.57	6.10	6.45	122.00	54.75	56.00	59.50	—	1	127
111	5	62.1%	5.05	4.85	6.25	124.00	61.20	62.65	60.00	47.3%	1	116
109	4	63.9%	6.40	5.65	5.95	126.00	—	—	—	—	—	—
80	15	63.8%	5.12	5.45	5.75	128.00	65.55	66.25	66.35	46.4%	1	62
176	2	63.1%	5.85	4.90	5.60	130.00	66.45	68.15	60.06	46.5%	—	4
73	1	63.8%	5.85	5.05	5.40	132.00	—	—	—	—	—	—
77	2	66.0%	5.20	4.85	6.30	134.00	67.55	71.80	64.39	45.4%	—	10
1,318	62	63.7%	4.80	4.70	5.05	136.00	69.70	72.45	65.35	31.4%	—	120
4,031	295	63.6%	4.50	4.40	4.70	140.00	0.00	0.00	68.26	—	2	0
1,309	1	65.0%	4.15	3.95	5.20	144.00	80.55	81.25	82.50	44.0%	1	46
67	2	12.5%	261.60	0.00	0.00	145.00	0.00	0.00	18.00	—	54	2,124
19	34	—	213.75	268.00	272.50	150.00	0.00	0.00	19.23	—	2	437
0	1	12.5%	216.25	0.00	0.00	155.00	0.00	0.00	21.30	—	2	12
—	—	—	—	—	—	160.00	0.00	0.00	24.25	—	1	33
3	1	—	320.00	242.50	247.00	165.00	0.00	0.00	24.80	—	1	28
17	1	—	295.50	272.50	277.50	170.00	0.00	0.00	24.95	—	1	112
86	1	12.5%	267.50	0.00	0.00	175.00	0.00	0.00	25.65	—	10	48
0	1	25.0%	214.27	0.00	0.00	180.00	0.00	0.00	28.10	—	2	95
0	1	25.0%	174.78	0.00	0.00	185.00	0.00	0.00	44.77	—	1	0
9	2	—	171.40	242.00	247.00	190.00	0.00	0.00	30.35	—	84	76
0	1	25.0%	152.50	0.00	0.00	195.00	0.00	0.00	31.78	—	8	31
20	1	25.0%	242.00	0.00	0.00	200.00	0.00	0.00	32.50	—	35	424
3	1	25.0%	189.00	0.00	0.00	210.00	0.00	0.00	37.55	—	8	20
0	1	25.0%	133.87	0.00	0.00	220.00	0.00	0.00	43.41	—	1	51
0	1	25.0%	181.50	0.00	0.00	230.00	0.00	0.00	43.05	—	3	73
7	1	25.0%	221.55	0.00	0.00	240.00	0.00	0.00	50.50	—	8	23
27	1	—	145.76	207.50	212.00	250.00	0.00	0.00	50.75	—	1	190
6	8	25.0%	218.30	0.00	0.00	260.00	0.00	0.00	54.00	—	1	22
13	2	25.0%	215.65	0.00	0.00	270.00	0.00	0.00	58.40	—	3	214
25	10	25.0%	187.25	0.00	0.00	280.00	0.00	0.00	62.54	—	2	20
28	2	25.0%	183.30	0.00	0.00	290.00	0.00	0.00	66.89	—	2	16
86	2	25.0%	185.00	0.00	0.00	300.00	0.00	0.00	73.46	—	26	98
117	4	25.0%	179.02	0.00	0.00	310.00	0.00	0.00	77.15	—	10	33
371	4	25.0%	168.70	0.00	0.00	320.00	85.50	89.50	116.00	—	1	23
1,123	10	25.0%	173.20	0.00	0.00	330.00	0.00	0.00	89.00	—	10	58
1,287	2	25.0%	172.55	0.00	0.00	340.00	0.00	0.00	91.00	—	1	50
658	1	25.0%	175.42	0.00	0.00	350.00	0.00	0.00	102.77	—	40	324
1,397	4	25.0%	157.58	0.00	0.00	360.00	0.00	0.00	103.00	—	1	9
90	5	25.0%	160.00	0.00	0.00	370.00	144.50	149.00	125.13	—	4	9
26	1	25.0%	154.95	0.00	0.00	380.00	0.00	0.00	116.00	—	1	5
4	1	25.0%	148.30	0.00	0.00	390.00	0.00	0.00	122.16	—	11	89
947	1	25.0%	147.00	0.00	0.00	400.00	0.00	0.00	124.00	—	2	358
13	1	25.0%	152.70	0.00	0.00	410.00	0.00	0.00	132.95	—	7	12
9	1	25.0%	153.85	0.00	0.00	420.00	0.00	0.00	138.50	—	1	24
21	1	25.0%	139.00	0.00	0.00	430.00	0.00	0.00	145.30	—	6	8
9	2	25.0%	136.00	0.00	0.00	440.00	0.00	0.00	147.99	—	4	25
65	3	25.0%	135.75	0.00	0.00	450.00	0.00	0.00	156.75	—	1	61
16	4	25.0%	131.45	0.00	0.00	460.00	0.00	0.00	160.20	—	1	51
90	1	25.0%	108.00	0.00	0.00	470.00	172.50	177.00	217.40	—	1	22
8	1	25.0%	101.46	0.00	0.00	480.00	0.00	0.00	172.00	—	8	9
125	1	25.0%	105.14	0.00	0.00	490.00	0.00	0.00	184.15	—	2	3
325	1	25.0%	110.00	0.00	0.00	500.00	0.00	0.00	247.00	—	1	0
42	1	25.0%	96.28	0.00	0.00	510.00	0.00	0.00	192.95	—	7	18
44	1	25.0%	100.00	0.00	0.00	520.00	0.00	0.00	200.00	—	1	3
53	1	25.0%	111.25	0.00	0.00	530.00	186.50	189.55	183.70	—	—	1
23	1	25.0%	108.60	0.00	0.00	540.00	242.00	246.50	215.95	—	2	2
66	1	25.0%	86.98	0.00	0.00	550.00	0.00	0.00	230.10	—	1	2
90	1	25.0%	93.43	0.00	0.00	560.00	0.00	0.00	259.46	—	2	0
38	1	25.0%	82.47	0.00	0.00	570.00	—	—	—	—	—	—
207	30	25.0%	98.00	0.00	0.00	580.00	0.00	0.00	249.25	—	1	5
0	1	25.0%	54.23	0.00	0.00	590.00	—	—	—	—	—	—
67	20	50.0%	76.40	0.00	0.00	600.00	0.00	0.00	264.05	—	1	7
17	1	50.0%	73.71	0.00	0.00	610.00	0.00	0.00	272.25	—	1	5
21	1	50.0%	71.57	0.00	0.00	620.00	0.00	0.00	278.85	—	8	15
20	1	—	42.15	75.50	80.50	630.00	—	—	—	—	—	—
22	10	50.0%	80.59	0.00	0.00	640.00	0.00	0.00	296.65	—	12	12
31	2	50.0%	72.55	0.00	0.00	650.00	—	—	—	—	—	—
10	20	50.0%	72.00	0.00	0.00	660.00	—	—	—	—	—	—
15	1	50.0%	76.65	0.00	0.00	670.00	0.00	0.00	321.95	—	2	2
257	1	50.0%	62.00	0.00	0.00	680.00	0.00	0.00	326.75	—	6	24
577	2	50.0%	65.37	0.00	0.00	700.00	0.00	0.00	340.65	—	1	11
351	5	50.0%	61.40	0.00	0.00	720.00	0.00	0.00	357.15	—	1	10

In-the-money callsIn-the-money puts. IV = implied volatility, OI = open interest (contracts). Each contract covers 100 shares. Quotes delayed at least 15 minutes.

Frequently asked questions

What is the CVNA put/call ratio?

For the January 21, 2028 expiration, the CVNA put/call ratio based on open interest is 0.67 (38,919 puts vs 58,295 calls), and 0.97 based on today's volume. A ratio above 1 means more puts than calls.

What is CVNA's implied volatility?

At-the-money implied volatility for CVNA options expiring January 21, 2028 is about 70.5%, an annualized estimate of how much the market expects Carvana stock to move.

How many CVNA option expiration dates are there?

CVNA has 14 listed expiration dates, from Oct 16, 2026 to Jan 19, 2029.

What does "in the money" mean?

A call is in the money when the strike price is below the current share price; a put is in the money when the strike is above it. In-the-money contracts have intrinsic value and are shaded in the table.